Finance Minister rose to present the Union Budget 2020-21. 30 Lakh Crore Expenditure Budget is tabled in the parliament for India’s aspiration towards economic development for its caring society. The government has committed various schemes for improvement in the quality of life. The budget has estimated nominal growth of GDP at 10% while the said macroeconomic indicator kept falling from 8.2% (16-17) to 7.2% (17-18), 6.8% (18-19), 5% (19-20). India is still the 5th largest economy in the world in terms of GDP at current US $ Trillion after US, China, Japan and Germany. It has initiated structural reforms in GST to abolish multiple taxes and bring uniformity.
But our economy slows down despite those tracking progress in numbers. Incidentally there was nation-wide 2 days strike on the budget day for want of pay revision by 12 Lakh Public Sector Bank (PSB) employees. Has the government overlooked them as human and compassionate? On the other hand New Delhi is in the process of implementing one nation one pay day and is looking at uniform minimum wage across sectors which will safeguard better livelihood of workers. Bank employees are often accountable for small mistakes. Should there be incentive for high risk job? Every Cashier in a bank faces lose out cash at the counter often due to cash handling mistakes. Shouldn’t they be protected?
Indian Banks’ Association is entrusted under the Chief Labour Commissioner for Bipartite wage settlement that takes place every five years. The 11th Bipartite for which negotiation is currently on that is due from November 1, 2017. Performance-Linked Incentives (PLI) or variable pay is set to become the buzzword for PSB employees. It is well-accepted across industries including private banks, but not in public sector banks. The series of talks have continuously been failed and there is strike happening. They go to road and even loss salary for a strike to protect economic safeguard. From time to time Govt cautioned employees to not to go flash strike for being in the public utility sector.
The banking sector has made it possible for India’s unique leadership in digital revolution globally. The seamless delivery to citizens electronically by the service industry helps to improve infrastructure for social security schemes. From Demonitization to PMJDY banks make the country digitally empowered for inclusive growth. Information Technology and Electronic Fund Transfer have emerged as the twin pillars of modern banking development. (To be contd)